Tag: Minnesota Housing Market
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Zoning modernization takes first steps at Capitol
As the legislature moves into its third month of the 2023 session, Minnesota’s crisis-level housing supply challenge took its first step forward. Rep. Steve Elkins (DFL-Bloomington) authored HF 2235, a zoning modernization bill, calling it the ‘Legalize Affordable Housing Act’. The measure cleared its first hurdle, passing out of the House of Representatives Housing Committee. […] Read More
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Bill proposing ban on single-family rental construction garners national attention
As with any legislative session, a wide variety of issues are being discussed and debated. Among these are many housing-related issues. Recently, a bill to ban the construction of single-family for rent homes by corporations, has stood out as housing leaders look to address the state’s housing supply crisis. And now, this proposal has caught […] Read More
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Minnesota Democrats unveil $3 billion housing plan
At a press conference this week, DFL members of the legislature introduced what they are calling a “transformational” and “bold” approach to solving the state’s housing crisis. Members from both the Senate and House unveiled “All Roads Lead Back to Home“, a proposal to spend $3 billion on new programs and funding to address child […] Read More
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Home Price Growth Returns to Historic Norms
According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities market started to show signs of a return to normalcy in February. The median home sale price was up 2.7 percent to $341,995. This is compared to nearly three years of about 10 percent year-over-year increases. According to […] Read More
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Twin Cities homebuilders respond to slowing market
According to the National Association of Home Builders Housing Market Index, builder sentiment in November fell to the lowest level since 2012, apart from the first two months of the COVID-19 pandemic. Throughout the pandemic, builders were seeing fast and furious demand from buyers. But now, overall economic uncertainty and mortgage rate increases have led […] Read More
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Homebuilding feels slowdown as rates continue to sideline buyers
Fluctuating interest rates and overall economic uncertainty are continuing to impact the housing market. Homebuilders in the Twin Cities are also feeling the slowdown. In the month of October, permits for new single-family homes were down 54% from the previous year. Overall affordability also continues to be a hurdle for potential buyers. The Twin Cities median home price in October was $356,000. Read More
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Housing inventory remains low even as housing market shifts
Across the country rising mortgage rates and inflation have had a stifling impact on the housing market. It is no surprise when considering that from the start of the year, mortgage rates have more than doubled, increasing from 3% in January to rates now over 6% this fall. Permits for new single-family homes have fallen […] Read More
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Interest rates and affordability cause cooling
effect on Minnesota’s housing marketAs the Federal Reserve continues to raise interest rates in an attempt to bring down 40-year-high inflation, it has had a clear impact on the local housing market. Minnesota was facing a housing inventory and affordability crisis prior to the Fed raising rates, which was pricing many families out of homeownership. With the Fed’s efforts […] Read More
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Senate takes first step toward addressing exclusionary zoning
As the Minnesota Legislature convenes for its 2022 session, legislators find Minnesota’s housing market facing historic headwinds. The inventory of available homes is consistently at or among the worst in the United States, the homeownership equity gap measures the worst in the country and new-home housing affordability in our state is the worst in the […] Read More
